Festive cheer to further light up India’s realty sector
The festive season is upon us, and stakeholders in India’s real estate sector have more than just the holiday cheer to be excited about this year. What has kept the growth momentum going for the second-largest employment sector in the country at a time when global economies are reeling under the impact of geo-political tension?
The Indian real estate market’s journey in H1 2023 is nothing short of remarkable. Despite a backdrop of global uncertainties and economic fluctuations, the sector has displayed a surprising degree of resilience. A significant contributor to this comeback story is the series of favourable government policies. Supportive policies have not only injected vigour into the real estate market but have also made it more attractive for investors and homebuyers.
The RBI deserves credit for its prudent decision to hold the interest rates steady. This move has not only provided a stable economic environment but has also acted as a significant sentiment booster for the sector. It underscores the Central bank’s commitment to economic recovery and sustainability.
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At a time when demand for housing peaked, price trends across India’s major cities during the first half of 2023 present an impressive narrative. Topping the charts here is Gurugram, which clocked a remarkable 12% year-on-year price increase. On the other hand, cities like Chennai and Mumbai have exhibited more modest growth at 3%. Collectively, the top-eight cities average a 6% price rise, reaffirming the continued allure of investment opportunities in major urban centres.
Additionally, Hyderabad and Pune are maintaining steady growth at 5% and 3%, respectively, while Kolkata remains a
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